Corporate governance of Islamic banks: a sustainable model to protect the participatory depositor?
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Table 1
Comparative analysis Malaysia Morocco Shariah compliance authority × × Shariah committee / Shariah supervisory board × × Self-regulation code/best practices × × Senior management × Nominating committee × × Remuneration committee × × Risk management committee × × Audit committee × × Governance committee × Board representative × Board investment committee × S. Franzoni, A. Ait Allali Conclusion The research has focused on the corporate governance regulation and the safeguard of a special category of stake- holder, namely the participatory depositors. Malaysia, compared to Morocco, tables more attention to the safeguard of the participatory depositors through a strict regulation based on the identification of various entities and committees with managing and monitoring responsibilities over the participative investments. In both cases, there is a general lack of meaningful involvement of the participatory depositors in the corpo- rate governance of the Islamic bank and thus the oppor- tunity of being an insider in the corporate governance of the bank. In case of participation or representation of the participatory depositors within the project management and/or the funded companies shall encourage lasting rela- tionships that go toward a transparent and careful manage- ment, accomplishing both an economic responsibility and a social one, as well. It is important to stress that the Malaysian Islamic banks have the possibility of identifying their own institutional representative board (board representative), appointed by its board of directors, at the entity which is financed for the purpose of a protection of the interests of the parties involved in the stipulated participative contracts. This possibility may be extended to its participa- tory depositors with the aim of protecting all the parties involved by means of an active and direct participation in the investments’ management, to which even they have contributed by depositing their savings. This perspective may be realized also in Morocco, where the legislation provides that the participatory deposits of the Islamic bank are organized in investment portfolios. External advisors may be nominated from these portfolios, as representatives of the depositing investors (participatory) of the participa- tive bank at the entities funded by the investment portfolio funds, of which they are partners [ 16 ]. Anyways, both Countries safeguard the participatory depositor; on the one hand, Malaysia with its regulator of the public authority that protects the stakeholders’ inter- ests from the Islamic financial institutions and, on the other hand, Morocco, that by establishing reserves is able to grant a preventive economic coverage. Moreover, even the recommendations and the guide- lines outlined by IFSB, the adoption of which allows to create those conditions for sustainable government mod- els, intended to guarantee the development in an inter- national economic environment and to answer the stake- holder’s expectations. Download 0.56 Mb. Do'stlaringiz bilan baham: 
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